Gold rates edge higher: Check global and Indian prices

Gold prices edged higher on Thursday, July 10, as a softer dollar and easing bond yields supported sentiment. Investors watched global trade talks closely after US President Donald Trump widened his tariff war this week.

Spot gold rose 0.1% to $3,316.77 per ounce by 8:55 AM IST.

US gold futures climbed 0.2% to $3,325.60 per ounce.

In India, gold stayed steady. According to Goodreturns, 24-karat gold is at ₹98,170 for 10 grams. 22-karat gold trades at ₹89,990 per 10 grams. 18-karat gold is at ₹73,630 per 10 grams.

“Gold bounced off a technical support level as the broader dollar weakened,” said Nicholas Frappell, Global Head, Institutional Markets at ABC Refinery.

The dollar index fell 0.2%. Yields on benchmark 10-year U.S. Treasury notes retreated from a recent high. A weaker dollar makes gold cheaper for other currencies.

Falling bond yields lower the opportunity cost of holding non-yielding gold.

Back in Washington, Trump raised the heat on tariffs. He imposed a 50% duty on US copper imports and Brazilian goods, effective August 1. He also announced fresh tariff notices for seven smaller trade partners, adding to 14 earlier this week.

“The market impact of tariffs seems to fade with each headline. Tariff fatigue is here,” said Matt Simpson, Senior Analyst at City Index.

Minutes from the US Federal Reserve’s last meeting showed few officials expect a rate cut this month. Most favour waiting due to sticky inflation. The next Fed policy decision is due on July 30.

Aksha Kamboj, Vice President at India Bullion and Jewellers Association, said, “Gold prices are finding support around $3,300 per ounce globally as the market weighs the Fed’s cautious stance. Seasonal demand in India and continued buying by China’s central bank offer a price floor, but gains could be capped if the dollar strengthens further.”

Rahul Kalantri, VP Commodities at Mehta Equities Ltd, added, “Gold shows high price swings. Support for gold lies at $3,305–3,285 an ounce, with resistance at $3,340–3,365 an ounce. In rupee terms, gold has support at ₹96,190–95,880 per 10 grams and resistance at ₹96,950–97,380 per 10 grams.”

-With Reuters inputs

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